He says that FTSE 100 sellers stepped in near the 50% Fibonacci retracement of this years’ range, which coincided with a horizontal resistance level at 6425-6450. After four consecutive negative days, overnight equity strength has led to a higher open this morning and O’Hare views this as a selling opportunity.

He is looking to enter shorts on the open and would add to shorts at 6250 if there is a break of yesterday’s low. O’Hare’s targets on the trade are at 6165 and 6035 with a stop place above 6460.